Centre for Islamic Economics (CIE) was founded on 22nd Safar 1413 i.e. 22nd August 1992 within the premises of Masjid-e-Baitul Muharram Block 8, Gulshan-e-Iqbal Karachi. As an initial step the centre established a Daru-Ifta in order to reply qeries of general public pertaining to economic issues in particular and other issues in general.
By August 1997, Darul Ifta had given written answers to about 1000 problems and issues. The questions asked were pertaining to trade related issues and other concerns as well. In addition to this, on average 15 replies are given daily, on telephone and in face to face meetings.
Jamia Darul Uloom Karachi also conducted a course regarding "Ulema's awareness of modern needs and issues in the society" in collaboration with Daraul-Ifta. Approximately 40 Ulema, one of which came from Faisalabad, attended the program. Maulana Justice Mufti Mohammed Taqi Usmani gave lectures in presence of Dr. Arshad Zaman, a proficient economist, and syed Mohammed Hussain, an adept chartered accountant.
A number of other courses were also held to impart the knowledge about Shari'ah Rulings to traders and financial experts. Initially a two-day course was held on 10th and 11th of September 1993. This program highlighted the basic rulings about all-monetary concerns and economic scenarios. Around 140 people, belonging to different fields, not only participated in this event but also appreciated it a lot. For those people, who came to know about this later, the two-day course was revised in the month of October 1993. Very nearly, 140 people attended this program as well.
After this, on 27th may 1994, a course was held on the topic of Export, which was attended by more than hundred people.
In July, August and September of 1996, five half-day courses were held with the interim gap of fifteen days. The topics discussed were, Sair'ah guidelines regarding buy and sale, interest and gambling, Zakat, exchange in currencies and heritage. The participants were given written material regarding every course in form of a book.
In 1994, a course for the 'Ulema awareness of modern needs and issues in the society' was held again at Jamia Darul Uloom Karachi. In this fifteen-day exercise, the most distinguished Ulema and Muftis from all over Pakistan were taught and trained by Maulana Mohammed Taqi Usmani. An examination was taken in the end and a certificate was also issued. The teaching in this course resulted in the compilation of a book "Islam aur Jadeed Maeeshat-o-Tijarat", which is equally famous in Ulema and economics and financial experts. This is a part of curriculum of many religious schools as well.
A library has also been established at Darul-Ifta. This library has books on topics such as Tafseer, Hadith, Fiqh, Seerat, biography history and literature; in addition to these, the library also has books on economics in Arabic, Urdu and English. The researchers as well as the general public benefit from this library.
This institution published a book on the topic of business conduct and another book on the guidelines regarding Zakat, both in English and Urdu. Introduction of a self-assessment form for Zakat, in both languages also goes to their credit.